Conditions for Effective Risk Sharing Against Marine Pollution: The Case of the Ría De Vigo

12 Pages Posted: 3 Feb 2017

See all articles by Schimon Grossmann

Schimon Grossmann

Norwegian School of Economics

Michael G. Faure

University of Maastricht - Faculty of Law, Metro; Erasmus University Rotterdam (EUR) - Erasmus School of Law

Date Written: January 31, 2017

Abstract

The question of how effective protection against environmental impairment can be provided has spawned much literature. One instrument that is often invoked to provide compensation for environmental damage is insurance. Traditionally, a distinction is made between first and third party insurance. First party insurance may be acquired by potential victims of marine pollution, such as fisheries seriously harmed by ship-source oil spills. Conversely, third party insurance is sought by polluters to cover their legal responsibility and, at the same time, protect the potential victims from polluters unable to meet their financial obligations.

Keywords: Risk sharing, marine pollution

JEL Classification: Q50, Q53

Suggested Citation

Grossmann, Schimon and Faure, Michael G., Conditions for Effective Risk Sharing Against Marine Pollution: The Case of the Ría De Vigo (January 31, 2017). NHH Dept. of Business and Management Science Discussion Paper No. 2017/1. Available at SSRN: https://ssrn.com/abstract=2910920 or http://dx.doi.org/10.2139/ssrn.2910920

Schimon Grossmann (Contact Author)

Norwegian School of Economics ( email )

Helleveien 30
Bergen, NO-5045
Norway
+4755959944 (Phone)

HOME PAGE: http://https://www.nhh.no/ansatte/faculty/schimon-grossmann/

Michael G. Faure

University of Maastricht - Faculty of Law, Metro ( email )

PO Box 616
Maastricht, 6200 MD
Netherlands
+31 - 43 - 388 30 60 (Phone)
+31 - 43 - 325 90 91 (Fax)

HOME PAGE: http://www.michaelfaure.be

Erasmus University Rotterdam (EUR) - Erasmus School of Law ( email )

3000 DR Rotterdam
Netherlands

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